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Port Washington industrial building sells for $9.35 million

A rendering of the building BEB Capital plans

A rendering of the building BEB Capital plans to upgrade at 55 Harbor Park Dr. in Port Washington.  Photo Credit: BEB Capital

Real estate investment firm BEB Capital has acquired an industrial building in Port Washington for $9.35 million.

The 56,745-square-foot building at 55 Harbor Park Dr. formerly served as the headquarters for Harbor Footwear Group. It was built in 1984 and features 26-foot high ceilings, five loading docks, parking for 89 cars and a large portion of office space inside. Officials with BEB said the purchase will enable the company to take advantage of high demand for industrial space from ecommerce companies.

“Industrial has become the cream of the crop in the real estate industry,” said Lee Brodsky, chief executive of Port Washington-based BEB Capital. Citing the shortage of industrial space in Brooklyn and Queens – brought on by a wave of high-end residential development – and the growth of  ecommerce companies like Amazon, Brodsky said the need for “last mile” distribution points is driving up costs and lowering the industrial vacancy rate on Long Island.

“We own three other buildings in the park,” Brodsky said. “For us, it’s something that’s logical.”

Brodsky said the developer plans to lease the property to a single user but would be open to dividing it for multiple users if it made sense financially.

BEB Capital plans to upgrade the property, which is located 1.9 miles from the Roslyn Long Island Rail Road stop, for potential industrial users. Improvements include raising the building’s ceiling height, new paint for the exterior, upgraded landscaping and the potential installation of solar panels.

The former occupant, Harbor Footwear Group, was founded in 1969 and specialized in that era’s high-fashion styles, such as platform shoes. The company eventually grew to include the Giorgio Brutini line of men’s dress shoes and a sporty line called GBX.

In early May, the company said in a state regulatory filing that it would close its Port Washington headquarters and lay off 53 local employees.

In addition to its industrial properties, BEB Capital's  $340 million real estate portfolio includes mixed-use developments, parking facilities and restaurants.

BEB Capital also has ownership stakes in a variety of businesses, including Sandata Technologies, Didit Marketing Communications, and Mobile Health Management Services Inc.

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